Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Newspaper article St Louis Post-Dispatch (MO)

Business Digest

Article excerpt

Too cheap? * Trulia, the real estate website, says homes in St. Louis are still too cheap. Current sale prices are 9 percent below their real value, says Trulia Chief Economist Jed Kolko. Nationally, prices for homes are 7 percent below fundamental value, he says. By contrast, the nation's homes were 39 percent overvalued at the height of the real estate bubble in 2006. Kolko figures fundamental value by comparing today's home prices to local personal incomes, a national measure of rents, and a long-term measure of home prices . (Jim Gallagher)

Brown sells brands * Brown Shoe Co. has pared two more brands, Avia and Nevados, that it acquired in early 2011 through its purchase of American Sporting Goods. Clayton-based Brown Shoe said it sold the brands to New York-based Galaxy Brand Holdings for $74 million and plans to use the proceeds to pay down debt. Brown Shoe acquired the brands as part of its 2011 purchase of American Sporting Goods for $145 million and assumed debt. Later that year, Brown Shoe sold the men's basketball AND 1 brand, which it acquired through the American Sporting Goods deal, for $55 million. Brown Shoe said it plans to keep Ryka women's athletic footwear and other brands that were part of American Sporting Goods. The sale is expected to result in a charge of $15 million to $17 million in fiscal 2013. (Lisa Brown)

Riverport building for sale * A five-story building at Riverport is among 17 office buildings in a dozen metro areas offered for sale by Columbia Property Trust, a real estate investment trust based in Atlanta. The building, 13655 Riverport Drive, has 188,500 square feet. Columbia says the building is occupied completely by United Healthcare, which has a lease that expires in 2018. CBRE is marketing the portfolio on behalf of Columbia Property Trust. (Tim Bryant)

First Bank sells unit * First Bank is selling First Bank Association Bank Services, a unit that provides homeowner association services in California, to Union Bank. …

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